$ES: Bulls Have Built a Base for Another Push Higher

  • CastAwayTrader
  • June 24, 2025
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$ES #ES #Elliott Wave

We can count that move up off the April’25 low as an ufolding five wav eup structure:

ES-mini 30 min chart

Note that ES has broken out over the Monthly resistance 6,051.

We can measure the Month Opening Range and add a 100% projection upward. That gives us a target 1 = 6,177.

I would also be watching a bearish reaction to a negative -138.2% ext = 6,191. Consider that level as the target for this rally as well.

Let’s zoom-in to a 5 min chart:

ES-mini 5 min chart

ES has built a flat base. Bulls can attempt to break out of the tight wedge.

Note how the green FLD80 tagged the price from below on the 5 min chart.

This is how price interacts with FLD when price consolidates in a subwave (b) down of wave ( iii ) up.

I have added the yellow box to show where the next push higher can meet some resistance.

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